Function: noun
1 : An Ivy League University in the heart of the city of Philadelphia. Nestled within "University City," the school attracts the best and brightest, socially apt, and interesting individuals from around the globe.
2 : A Place where you receive a degree that gives you a wide variety of job options once you graduate; especially if you attend the Wharton School of Business.

Community College Student: Brawwww! Where'd you go to college? You lookin' mighty smart in your business suit.
Penn Student: University of Pennsylvania
Community College Student: Thats pretty sweeeeet. What job you got?
Penn Student: I work on Wallstreet.
Community College Student: Wall whaaaaa- ?